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10 stockbroking firms trade N729bn shares six months

By BusinessNews Staff on July 15, 2014

Ten leading stockbroking firms traded 56.593 billion shares worth N729.73 billion at the stock market in the first six months of 2014, data obtained by THISDAY showed last Friday.

The N729.73 billion accounted for 64 per cent of the value of shares traded in the six months from January to June. An analysis of the data showed that Stanbic IBTC Stockbrokers Limited led with N185.72 billion, which is the value of 10.71 billion shares. In percentage terms, Stanbic IBTC accounted for 16.32 per cent of the value of shares traded.

Rencap Securities (Nigeria) Limited followed with N132.78 billion or 11.76 per cent. The N132.78 billion was staked on 5.98 billion shares.

CSL Stockbrokers Limited accounted for N131.35 billion or 11.6 per cent invested in 7.47 billion shares. Cordros Capital Limited traded N65.12 billion or 5.7 per cent committed in 2.49 billion shares.

FBN Securities Limited handled 12.63 billion shares worth N54.13 billion or 4.7 per cent, while BGL Securities Limited accounted for N52.42 billion or 4.6 per cent. The amount was invested in 9.2 billion shares.

Chapel Hill Denham Management Limited traded shares worth N32.56 billion or 2.8 per cent, while Primera Africa Securities Limited accounted for N29.042 billion or 2.5 per cent. African Alliance Stockbrokers Limited sold N24.708 billion or 2.1 per cent, while Partnership Securities Limited traded stocks worth N21.893 billion or 1.9 per cent.

In an apparent move aimed at stimulating demand and engenders competition in the stock broking community, the management of the NSE had in September 2011 introduced the ranking of the brokers by transaction value and volume.

Since then, the ranking has been persistent on a weekly and monthly basis. Market analysts and operators had said what the NSE did was to engineer a psychological warfare among the stock broking firms.

One analyst specifically said “We are happy with the new development because it removed the wheat from the chaff. It is becoming increasingly clear for the general public to know who the market leaders are and if they are consistent over time, the investing public will start identifying with those regulars on the table,” he said.

The analyst added that for those who are at the bottom of the ladder, to be among the top 10 they must double their while for those in the top of the ranking to maintain their position they must continue to work harder.
Some new broking firms have continue to break into the top 10 initially dominated by firms with foreign affiliations.

[This Day]

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